FINANCIALISATION AND THE COUPON POOL （金融化和息票池）.pdf

FINANCIALISATION AND THE COUPON POOL Julie Froud Colin Haslam Sukhdev Johal Karel Williams School of Accounting and Finance Crawford House, University of Manchester Manchester M13 9PL v.8, n.3, p.271-288, dez. 2001 E-mail: karel.williams@man.ac.uk Abstract By the late 1990s, shareholder value was the explicit, new priority for the old corporations in the US and UK where the stock market had gained an unprecedented influence on the behaviour of giant corporations. The business press obsessively discussed which managements were, and were not, delivering value and all the major US consulting firms had moved into selling value metrics and implementation packages promising to solve this question. Over this decade, share prices rose unsteadily in a long bull market which ended in the tech stock crash of Spring 2000 which, one year later, had turned into a bear market in a slowing US economy. All this poses new questions about what’s at stake in the capital markets pressure on corporations for increased returns; and whats behind higher share prices and their collapse?